Dragonpay is a Philippine-based alternative online payment solution that uses online and offline banking facilities, and other non-traditional brick-and-mortar outlets, to accept payments from a broader market base in a more secure and cost-effective manner.

Friday, August 13, 2010

Banco de Oro Over-the-Counter Bank Payment

Banco de Oro (BDO) started out as a small commercial bank decades ago. It became a powerhouse when it was acquired by taipan Henry Sy's SM Group (which also owns Chinabank). From one acquisition to the next, BDO quickly grew over a short span of time. But it was perhaps the acquisition of Equitable Banking Network that really catapulted it to the top ranks. Just prior to that, Equitable also acquired PCIBank.

As part of the SM Group, BDO enjoys premium presence at the SM malls. It is the only bank that brags 7-day-a-week banking through its mall outlets. The acquisition of the huge Equitable Card Network also gave rise to BDO Credit Cards, now one of the largest (if not the largest) card issuing and processing network. Mozcom PayEasy works with BDO Credit Cards in partnership with Asiapay to process credit card transactions online.

As of 2Q 2009, BDO is already the number 1 bank in the Philippines in terms of assets at PHP793.5 billion. Likewise, it had the largest Trust Account at PHP415 billion and it was the largest lender with Loans and Receivables at PHP455.5 billion. It was also #1 in deposits at PHP625.2 billion.

Customers who make purchases from Dragonpay or PayEasy accredited merchants can pay through any BDO branch even if they do not maintain an account with the bank. They just need to fill-up a deposit slip and validate their payment online. In most cases, validation is not even necessary as Dragonpay's system can automatically detect the deposit and advise the merchant in real-time.